LME Aluminum to Stop Falling (2016-8-23)

Published: Aug 23, 2016 09:35

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LME aluminum will stop falling and find support at the 20-day and 40-day moving averages, with prices expected between USD 1,650-1,670/mt today.

SHANGHAI, Aug. 23 (SMM) – LME aluminum will stop falling and find support at the 20-day and 40-day moving averages, with prices expected between USD 1,650-1,670/mt today.

Most of the longs that entered last Thursday have exited, and both longs and shorts will be cautious in the short term. This will keep SHFE 1610 aluminum in check at RMB 12,320-12,460/mt.

In east China’s spot aluminum market, spot premiums of RMB 50-90/mt are expected over SHFE 1609 aluminum contract.

Key Macroeconomic Indicators for Base Metal Prices (2016-8-23)

SHFE aluminum prices aluminum prices Al price base metal price forecast

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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